Vinny’s Blog

So, there has been a burning news in the media recently. Whether Gulf states would be using USD or not for Oil Trades going forward. This is a devastating news for USD and as you can see markets reacted almost immediately Gold shot up to 1050.00 USD/Oz. right away. Even though this is not going to happen over night and the most optimistic indications are that it would take at least 8-9 years to accomplish moving away from settling oil trades in USD. Anyway..here are all aspects of that discussion.

Here is that Article.

Dollar’s demise plotted by oil producers, China and France, report says

The world’s oil producers, as well as China and France, are planning to end using the dollar as the currency to buy and sell oil, the Independent newspaper reported.

The move would see oil priced not in dollars but in a unit based on a basket of currencies including the Chinese yuan, the Japanese yen, and a new currency intended for use by the Gulf emirates, according to a report in Tuesday’s Independent newspaper. The paper added that the transition from the dollar to a new currency will take almost a decade.

This is video coverage of that news and describes what it means.

As you also know right after the news broke out media started damage control and started to spit out information that previous news flash was false.

Saudi Central Bank Chief Backs Dollar, Cites Its ‘Convenience’

By Camilla Hall

Oct. 7 (Bloomberg) — Saudi Arabia’s central bank chief denied holding talks on dropping the dollar as the currency for pricing oil, and said his country’s foreign-exchange peg to the dollar is a matter of national economic interest.

• OCTOBER 6, 2009, 8:09 A.M. ET

3rdUPDATE:Arab Gulf Officials Deny Plan To Ditch USD Oil Trade

(this is Wall Street Journal)

France dismisses talk of replacing dollar in oil

Robert Fisk

on the Gulf ‘ditching the dollar’ in oil trade

Here is another journalist on this report…….Mark Keiser is known for speaking his mind, truth, what he believes in and he is a straight talker leaves no confusion about what he is saying and why. You be the judge. Here is his interview.

Here is Gerald Celente on the same topic. Gerald needs no introduction, he is called modern day naustadamus.

But then again how do you REALLY confirm that $$ is down ? this is how you do that.

Here is an article I wrote earlier on USD or currencies. Click here. << Read at your own risk >>

If you liked what you have read here..and want to read more about currencies please click on the currencies under categories on you right those are some hard facts that you may want to read.

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